0002019410-26-000044 | 10-Q | XBRL Viewer

Shareholders’ Equity and Equity Compensation

3 Months Ended

Mar. 31, 2026

Shareholders’ Equity and Equity Compensation

Preferred Stock

The Company is authorized to issue 100,000,000 shares of preferred stock with a par value of $0.001 per share. As of March 31, 2026, there were no shares of preferred stock issued and outstanding.

Common Stock

As of March 31, 2026 and December 31, 2025, 2,800,000,000 shares of common stock with a $0.001 par value were authorized. There were 282,650,723 and 282,526,097 shares outstanding as of March 31, 2026 and December 31, 2025, respectively.

Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company's shareholders. Common shareholders are entitled to receive dividends if and when declared by the Company's board of directors, subject to the preferential dividend rights of any preferred stock then outstanding and compliance with our contractual obligations. No dividends have been declared or paid by the Company since its inception.

2020 Incentive Plan

Prior to the initial public offering (“IPO”), the 2020 Incentive Plan (the “2020 Plan”) provided for the Company’s grant of awards of options, restricted awards, performance awards or share appreciation rights to employees, consultants, and directors of the Company. A total of 20,400,342 shares of common stock are reserved for issuance upon the exercise of all awards granted or available to be granted under the 2020 Plan as of March 31, 2026. In June 2025, in connection with the IPO and the adoption of the 2025 Incentive Plan (as defined below), the Company will not make any additional grants under the 2020 Plan. Any outstanding awards granted under the 2020 Plan remain subject to the terms of the 2020 Plan, and any shares underlying outstanding awards under the 2020 Plan that expire or are repurchased, forfeited, canceled, or withheld will become available for issuance under the 2025 Incentive Plan.

2025 Incentive Plan

Effective May 23, 2025, the Company’s Board of Directors adopted, and the shareholders approved, the 2025 Incentive Plan (the “2025 Plan”). The 2025 Plan provides for the grant of incentive stock options (“ISOs”), nonstatutory stock options (“NSOs”), share appreciation rights, restricted awards, performance awards, and other awards. As of March 31, 2026, a total of 9,030,051 shares of common stock were reserved for issuance in settlement of awards granted under the 2025 Plan. The material terms of the 2025 Plan are substantially similar to the 2020 Plan, except with respect to the number of authorized shares, which initially equaled 15,125,002 shares, plus the number of shares that would return to the share reserve of the 2020 Plan following the pricing of the Company's IPO.

The 2025 Plan’s share reserve will increase on January 1 of each calendar year during the term of the 2025 Plan, beginning in 2026, by a number of shares as determined by the administrator of the 2025 Plan and in consultation with the Company, provided, that such increase (if any) will be no greater than the amount by which (y) 4% of the aggregate number of outstanding shares of our common stock as of the last day of the immediately preceding fiscal year exceeds (z) the aggregate number of shares remaining available for grant under the 2025 Plan on the last day of the immediately preceding fiscal year.

To the extent permitted by applicable laws or any exchange rule, any shares of common stock issued under the 2025 Plan that are issued (a) in connection with the Company's acquisition of an unaffiliated business entity, (b) to the employees of such entity, and (c) in substitution of equity incentive awards previously issued to such employees by such entity shall not reduce the number of shares of common stock available for issuance under the 2025 Plan.

Employee Stock Purchase Plan

The Company’s Board of Directors has adopted, and the shareholders approved, the 2025 Employee Stock Purchase Plan (the “ESPP”), which became effective in connection with the IPO. The ESPP enables eligible employees to purchase shares of the Company’s common stock with payroll deductions. A total of 2,571,250 shares of the Company’s common stock were initially reserved for issuance under the ESPP. As of March 31, 2026, 2,825,260 shares under the ESPP were available to purchase.

The number of shares reserved for issuance and sale under the ESPP will increase automatically on January 1 of each calendar year during the term of this Plan beginning in 2026, by a number of Shares equal to 1% of the Common Stock outstanding on the last day of the immediately preceding fiscal year, unless the ESPP administrator should decide to increase the number of shares available under the ESPP by a lesser amount.

The purchase price designated by the ESPP administrator will be no less than the lower of 85% of the closing trading price per share of our common stock on the first trading date of an offering period in which a participant is enrolled or 85% of the closing trading price per share on the purchase date, which will occur on the last trading day of each purchase period within an offering period.

Unless otherwise determined by the compensation committee, the ESPP will provide for separate six-month offering periods beginning on December 1 and June 1 of each year.

The Company began recognizing stock-based compensation expense related to the ESPP upon commencement of the initial offering period on December 1, 2025. Compensation expense is recognized on a straight-line basis over the six-month offering period, based on the fair value of the purchase rights granted to participants as determined under ASC 718. The impact of the ESPP on the Company’s condensed consolidated financial statements for the three months ended March 31, 2026 was not material. For the three months ended March 31, 2026, no shares were issued under the ESPP.

Option Activity

Under the 2020 Plan, the Company has granted incentive stock options and non-qualified stock options to its employees and other service providers (non-employees). Most of the Company’s stock options vest incrementally over five years, subject to the grantee's continuous employment with the Company (“time-vesting options”). The Company recognizes compensation cost on a straight-line basis over the requisite service period for its time-vesting options. In addition to its time-vesting options, the Company has also granted stock options to certain non-employees for which vesting is tied to the grantee’s performance (“performance-vesting options”). The Company evaluates whether it is probable that the performance metric will be achieved for its performance-vesting options and recognizes compensation cost on a straight-line basis over the implied service period if achievement of the performance metric is deemed probable. No option shall be exercisable after the expiration of 10 years from the date it was granted. The exercise price of each option shall be not less than 100.0% of the fair market value of the common stock subject to the option on the date the option is granted. The Company has not granted stock options under the 2025 Plan as of March 31, 2026.

The following table summarizes the Company's stock option activity during the three months ended March 31, 2026:


	Options Outstanding
		Weighted		Weighted
		Average		Average
		Exercise		Remaining	Aggregate
	Number of	Price		Contract	Intrinsic
	Options	Per Share		Term	Value
				(in years)	(in thousands)
Total outstanding as of December 31, 2025:	21,885,508	$	10.23	4.99	$	366,605
Granted	—	—
Exercised*	(136,099)	11.82
Forfeited or expired	(89,107)	17.57
Total outstanding as of March 31, 2026	21,660,302	$	10.19	4.73	$	170,885
Total exercisable as of March 31, 2026	16,748,086	$	8.01	3.84	$	166,953
Total vested or expected to vest as of March 31, 2026	21,091,459	$	9.98	4.64	$	170,562

*Includes 835 shares exercised but not settled as of March 31, 2026.

Aggregate intrinsic value represents the difference between the estimated fair value of the underlying common stock and the exercise price of outstanding, in-the-money options.

The total intrinsic value of options exercised was $1.4 million and $1.8 million during the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, there was approximately $42.0 million of total unrecognized stock-based compensation cost related to the unvested options under the 2020 Plan, which is expected to be recognized over a weighted-average period of 2.50 years.

Restricted Awards Activity

The Company grants restricted stock units (“RSUs”) that will be settled in shares of the Company's common stock upon vesting to its employees, consultants and non-employee directors. Vesting of restricted stock units granted generally occurs incrementally over four years, subject to the grantee's continuous service with the Company.

Performance Restricted Stock Unit Awards Activity

In March 2026, the Company granted performance restricted stock units (“PSUs”) as a form of stock-based compensation. A percentage of the number of PSUs will vest based upon achieving the Company’s operational target as of the end of 2026, and subject to continuous service by the employees through March 2028. Fifty percent of the aggregate number of achieved PSUs (if any) will vest upon certification in March 2027, with the remaining fifty percent vesting in March 2028. The grant date fair value of the PSUs was determined using the closing price of our common shares on the trading day prior to the grant date. Compensation expense for the PSUs is calculated based upon the most probable outcome of the possible performance conditions, and is recognized on a ratable straight-line basis over the requisite service period.

The following table summarizes the Company's RSU and PSU activity for the three months ended March 31, 2026:


		Weighted
		Average Grant
	Shares	Date Fair Value

Unvested as of December 31, 2025	4,494,342	$	21.18
RSUs Granted	3,574,938	$	19.22
PSUs Granted	1,286,010	$	19.22
Vested	—	$	—
Cancelled/forfeited	(83,750)	$	21.05
Unvested as of March 31, 2026	9,271,540	$	20.16

As of March 31, 2026, there was approximately $162.6 million of total unrecognized stock-based compensation cost related to unvested RSUs and PSUs, which is expected to be recognized over a weighted-average period of 3.16 years.

Stock-Based Compensation Expense

The Company recorded stock-based compensation expense in the condensed consolidated statements of operations and comprehensive loss as follows:


	Three Months Ended March 31,
	2026		2025

	(amounts in thousands)
Cost of services - Molecular profiling services	$	1,323	$	466
Cost of services - Pharma research and development services	13		1
Selling and marketing expense	3,816		1,243
General and administrative expense	7,436		10,636
Research and development expense	3,284		2,346
Total	$	15,872	$	14,691

Valuation of Stock-Based Awards

The Company records stock-based compensation expense for stock-based awards based on the estimated fair value of the awards on the date of the grant. The fair value of the Company’s restricted stock units is based on the fair value of the Company’s common stock at the closing market price on the day before the date of grant.

The Company estimates the fair value of stock options using a Black-Scholes option pricing model. Prior to the IPO, the absence of a public market for the Company’s common stock required the Company’s Board of Directors to estimate the fair value of its common stock for purposes of granting options and for determining stock-based compensation expense by considering several objective and subjective factors, including contemporaneous third-party valuations, actual and forecasted operating and financial results, market conditions and performance of comparable publicly traded companies, developments and milestones in the Company, the rights and preferences of common and convertible preferred stock, transactions involving the Company’s common stock, and assumptions for a discount for lack of marketability. The fair value of the Company’s common stock was determined in accordance with the applicable elements of the American Institute of Certified Public Accountants Accounting and Valuations Guide, Valuation of Privately Held Company Equity Securities Issued as Compensation. Following the IPO, the fair value of the Company’s common stock is determined based on its closing market price.

The key assumptions used in determining the fair value of options granted and a summary of the methodology applied to develop each assumption are as follows:


									Three Months Ended March 31,
									2025

Expected volatility									69.0% - 69.5%
Risk-free interest rate									3.9% - 4.1%
Expected term (years)									5.00 - 6.55
Expected dividend rate									—%
Expected forfeiture rate									—% - 8.3%

The Company estimates the fair value of stock purchase rights granted under the ESPP at the start of the offering period using the Black-Scholes options-pricing model. Key weighted-average assumptions used in the model include expected stock price volatility, risk-free interest rate, expected term (equal to the six-month offering period), expected dividend yield, and expected forfeiture rate. The Company uses historical data to estimate expected volatility and other assumptions consistent with those used for stock option valuations.

For the three months ended March 31, 2026, there were no options granted.

Expected volatility. This is a measure of the amount by which the share price has fluctuated or is expected to fluctuate. An increase in the expected price volatility will increase the fair value of the option granted and the related compensation expense. As the Company was not publicly traded prior to June 2025, the expected price volatility for the Company's options was determined by using an average of historical volatilities of selected industry peers deemed to be comparable to the business corresponding to the expected term of the awards. Subsequent to the Company’s IPO, expected volatility is based on the historical volatility of its common stock.

Risk-free interest rate. The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the time of grant for U.S. Treasury notes with maturities corresponding to the expected term of the awards.

Expected term. This is the period of time over which the options granted are expected to remain outstanding and is based on the Company’s estimate, taking into consideration vesting term, contractual term and historical actual lives. Options granted have a maximum term of ten years. An increase in the expected life will increase the fair value of the option granted and the related compensation expense. Due to the lack of historical share option exercise data, the Company utilizes the simplified method for determining the expected term.

Dividend rate. The Company has not made any dividend payments, nor does it have plans to pay dividends in the foreseeable future. Therefore, an expected dividend yield of zero is utilized.

Forfeitures. Forfeitures are estimated at the time of grant and reduce compensation expense ratably over the vesting period. This estimate is adjusted periodically based on the extent to which actual forfeitures differ, or are expected to differ, from the previous estimate.

Condensed Consolidated Balance Sheet and Statement of Operations and Comprehensive Loss Components

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Condensed Consolidated Balance Sheet and Statement of Operations and Comprehensive Loss Components

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:


	As of March 31, 2026		As of December 31, 2025

	(amounts in thousands)
Prepaid expenses	$	19,623	$	19,586
Other current assets	4,289		2,355
Total prepaid expenses and other current assets	$	23,912	$	21,941

Property and Equipment, Net

Property and equipment, net consist of the following:


	As of March 31, 2026		As of December 31, 2025

	(amounts in thousands)
Computer equipment and software	$	80,570	$	76,430
Capitalized software	29,483		27,898
Laboratory equipment	124,312		106,227
Furniture and fixtures	8,410		8,368
Leasehold improvements/Leased buildings	64,215		63,812
Aircraft and leased equipment	21,415		21,415
Total property and equipment	328,405		304,150
Less: accumulated depreciation and amortization	(245,736)		(240,980)
Property and equipment, net	$	82,669	$	63,170

Total depreciation and amortization expense was $5.1 million and $7.0 million for the three months ended March 31, 2026 and 2025, respectively.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following:


	As of March 31, 2026		As of December 31, 2025

	(amounts in thousands)
Trade accruals	$	8,495	$	6,887
Accrued payroll and employee medical	15,394		11,104
Accrued bonus	8,556		31,487
Current portion of early exercise stock option liability	327		327
Contract liability	24,969		24,492
Current portion of operating lease liabilities	5,836		6,359

Other accrued expenses	10,344		7,114
Total accrued expenses and other current liabilities	$	73,921	$	87,770

Other Long-Term Liabilities

Other long-term liabilities consist of the following:


	As of March 31, 2026		As of December 31, 2025

	(amounts in thousands)
Long-term operating lease liabilities, net of current portion	$	43,547	$	42,335
Long-term portion of early exercise stock option liability	53		53
Total other long-term liabilities	$	43,600	$	42,388

Shareholders’ Equity and Equity Compensation (Tables)

3 Months Ended

Mar. 31, 2026

Equity [Abstract]

Schedule of Share-Based Payment Arrangement, Option, Activity

The following table summarizes the Company's stock option activity during the three months ended March 31, 2026:


	Options Outstanding
		Weighted		Weighted
		Average		Average
		Exercise		Remaining	Aggregate
	Number of	Price		Contract	Intrinsic
	Options	Per Share		Term	Value
				(in years)	(in thousands)
Total outstanding as of December 31, 2025:	21,885,508	$	10.23	4.99	$	366,605
Granted	—	—
Exercised*	(136,099)	11.82
Forfeited or expired	(89,107)	17.57
Total outstanding as of March 31, 2026	21,660,302	$	10.19	4.73	$	170,885
Total exercisable as of March 31, 2026	16,748,086	$	8.01	3.84	$	166,953
Total vested or expected to vest as of March 31, 2026	21,091,459	$	9.98	4.64	$	170,562

*Includes 835 shares exercised but not settled as of March 31, 2026.

Schedule of Nonvested Restricted Stock Units And Performance Stock Units Activity

The following table summarizes the Company's RSU and PSU activity for the three months ended March 31, 2026:


		Weighted
		Average Grant
	Shares	Date Fair Value

Unvested as of December 31, 2025	4,494,342	$	21.18
RSUs Granted	3,574,938	$	19.22
PSUs Granted	1,286,010	$	19.22
Vested	—	$	—
Cancelled/forfeited	(83,750)	$	21.05
Unvested as of March 31, 2026	9,271,540	$	20.16

Share-Based Payment Arrangement, Expensed and Capitalized, Amount

The Company recorded stock-based compensation expense in the condensed consolidated statements of operations and comprehensive loss as follows:


	Three Months Ended March 31,
	2026		2025

	(amounts in thousands)
Cost of services - Molecular profiling services	$	1,323	$	466
Cost of services - Pharma research and development services	13		1
Selling and marketing expense	3,816		1,243
General and administrative expense	7,436		10,636
Research and development expense	3,284		2,346
Total	$	15,872	$	14,691

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The key assumptions used in determining the fair value of options granted and a summary of the methodology applied to develop each assumption are as follows:


									Three Months Ended March 31,
									2025

Expected volatility									69.0% - 69.5%
Risk-free interest rate									3.9% - 4.1%
Expected term (years)									5.00 - 6.55
Expected dividend rate									—%
Expected forfeiture rate									—% - 8.3%

Long-Term Debt

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Long-Term Debt

The carrying value of debt presented within current portion of indebtedness and long-term indebtedness, net of debt discounts on the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 includes the following components:


	As of March 31, 2026		As of December 31, 2025

	(amounts in thousands)
Term loan Initial Draw - January 18, 2023	$	200,000	$	200,000
Exit fee on term loan - January 18, 2023	2,000		2,000
Term loan Subsequent Draw - March 5, 2024	200,000		200,000
Exit fee on term loan - March 5, 2024	2,000		2,000
Less: Amortized debt discounts and financing costs (1)	(22,926)		(25,550)
Net debt	$	381,074	$	378,450
Compound bifurcated derivative liability	$	—	$	—

(1) Includes debt discounts of $28.3 million associated with the initial carrying value of compound bifurcated derivative liability.

Maturities of the Company’s debt are expected to be as follows as of March 31, 2026:


	Amount
	(amounts in thousands)
Years Ending December 31,
Remainder of 2026	$	—
2027	—
2028	400,000

On April 1, 2026, the Company fully repaid the 2023 Term Loan (as defined below) maturing in 2028, and entered into a new credit agreement with a different lender. See Note 11 for additional details.

Term Loan

On January 18, 2023, the Company entered into the 2023 Term Loan Agreement with OrbiMed Royalty & Credit Opportunities III, LP, OrbiMed Royalty & Credit Opportunities IV, LP (collectively, “OrbiMed”), and Braidwell Transaction Holdings LLC (“Braidwell”, and collectively with OrbiMed, the “2023 Lenders”). Pursuant to the 2023 Term Loan Agreement, the Company issued senior, secured promissory notes by which the 2023 Lenders agree to lend the Company up to an aggregate principal amount of $400.0 million (the “2023 Term Loan”), $200.0 million of which was received by the Company upon issuance (the “Initial Draw”), and the remaining $200.0 million was received by the Company in March 2024 (the “Delayed Draw”).

Until the earlier of December 31, 2024 or the date on which the 2023 Term Loan amount was fully drawn, which occurred on March 5, 2024, the undrawn balance of the 2023 Term Loan Agreement was subject to a fee of 0.5% per annum. The outstanding principal amount of the 2023 Term Loan is due and payable on January 18, 2028. If an event of default occurs and is continuing, the 2023 Lenders may declare all amounts outstanding under the 2023 Term Loan Agreement to be immediately due and payable. A final payment exit fee equal to 1.0% of the amount funded under the 2023 Term Loan Agreement is due upon prepayment or maturity. Amounts borrowed pursuant to the 2023 Term Loan Agreement may be prepaid at any time. Upon prepayment, the Company is subject to a prepayment penalty based on the timing of repayment.

The 2023 Term Loan bears interest at a rate per annum equal to a fixed margin of 6.5% plus the greater of (a) forward-looking three-month secured overnight financing rate (“SOFR”) and (b) 2.5%. In the event of default, the fixed margin shall increase by 3.0% per annum. As of March 31, 2026, the interest rate was 10.2%. Regular quarterly payments are interest-only for the 60-month term of the 2023 Term Loan Agreement, with the principal due at maturity. The

effective interest rate for the Initial Draw of the 2023 Term Loan is 17.0%, and the effective interest rate for the Delayed Draw of the 2023 Term Loan is 12.0%.

The Company’s obligations under the 2023 Term Loan Agreement are secured by a first lien security interest in substantially all of the assets of the Company and its subsidiaries. The 2023 Term Loan Agreement contains certain customary representations and warranties, affirmative and negative covenants, financial covenants, and events of default applicable to the Company and its subsidiaries. Additional covenants include those restricting dispositions, fundamental changes to its business, mergers or acquisitions, indebtedness, encumbrances, distributions, investments, transactions with affiliates and subordinated debt. At March 31, 2026, the Company was in compliance with all covenants.

Interest Expense

The components of interest expense associated with the Company’s long-term indebtedness, excluding finance leases, are as follows:


	Three Months Ended March 31,
	2026		2025

	(amounts in thousands)
Debt discount amortization	$	2,624	$	1,945
Interest expense	10,172		10,829
Interest expense on long-term indebtedness, excluding finance leases	$	12,796	$	12,774

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481139/470-20-50-1C

Reference 20: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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+ Details

Commitment and Contingencies	3 Months Ended
Commitment and Contingencies	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Obligations The Company enters into various supply agreements that contains purchase commitments. Most of the commitments are based on a binding forecast for an agreed-upon period, which is 12-month or less. Litigation During the ordinary course of business, the Company has become and may in the future become subject to pending and threatened legal and regulatory actions and proceedings. While it is not feasible to predict or determine the ultimate outcome of these matters, the Company believes that none of its current legal proceedings are likely to have a material adverse effect on its financial position as of March 31, 2026 and December 31, 2025, nor its results of operations or cash flows for the three months ended March 31, 2026 and 2025.

Shareholders’ Equity and Equity Compensation - Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions (Details) - Outstanding stock options	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility rate, minimum (in percent)		69.00%
Expected volatility rate, maximum (in percent)		69.50%
Risk-free interest rate, minimum (in percent)		3.90%
Risk-free interest rate, maximum (in percent)		4.10%
Expected dividend rate	0.00%	0.00%
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (years)		5 years
Expected forfeiture rate		0.00%
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (years)		6 years 6 months 18 days
Expected forfeiture rate		8.30%

Related Parties	3 Months Ended
Related Parties	Mar. 31, 2026
Related Party Transactions [Abstract]
Related Parties	Related Parties The Company's officers and directors have ownership interests in certain vendors providing services to the Company. During the three months ended March 31, 2026 and 2025, the Company made payments to these entities for services and expenses for $0.8 million and $0.7 million, respectively. Additionally, during the three months ended March 31, 2026 and 2025, the Company recorded general and administrative expenses due to related parties of $1.0 million and $0.5 million, respectively.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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+ Details

Segment and Geographic Information

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Segment and Geographic Information

The Company operates as a single operating segment. An operating segment is defined as a component of an entity for which discrete financial information is available and regularly reviewed by the entity's chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s CODM, its Chairman and Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purposes of allocating resources, making operating decisions and evaluating financial performance.

Net loss as reported on the condensed consolidated statements of operations and comprehensive loss is used by the CODM to assess segment performance against management budgets and prior period operating results for the purpose of making results-driven decisions about organizational resource allocation.

Segment revenues are derived from molecular profiling, strategic data, and research services that are delivered to the Company’s biopharmaceutical and clinical customers, who are predominantly located in the United States. The Company provides these services primarily by leveraging the Company’s proprietary technologies and clinico-genomic database, which are core to the Company’s operations and are deployed similarly across the service offerings.

Significant segment expenses that the CODM reviews and utilizes to manage the Company’s operations are cost of services, sales and marketing, general and administrative, and research and development expenses at the consolidated level, which are presented in the Company’s condensed consolidated statements of operations and comprehensive loss. Other segment items in consolidated net loss include interest income, interest expense, changes in fair value of financial instruments, and other income (expense), net, which are presented in the Company’s condensed consolidated statements of operations and comprehensive loss.

The following table sets forth the Company’s revenue by geographic areas based on the customer’s location:


	Three Months Ended March 31,
	2026		2025

	(amounts in thousands)
United States	$	213,836	$	118,432
International	2,338		2,483
Total revenue	$	216,174	$	120,915

No single country outside of the United States accounted for more than 10.0% of total revenue during the three months ended March 31, 2026 and 2025. As of March 31, 2026 and December 31, 2025, approximately 99.0% of the Company’s total assets are located in the United States.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details

Long-Term Debt - Schedule of Components of Interest Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Debt Disclosure [Abstract]
Debt discount amortization	$ 2,624	$ 1,945
Interest expense	10,172	10,829
Interest expense on long-term indebtedness, excluding finance leases	$ 12,796	$ 12,774

Related Parties (Details) - USD ($) $ in Thousands	3 Months Ended
Related Parties (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Related Party Transaction [Line Items]
General and administrative expense (see note 8)	$ 59,708	$ 52,119
Related Party
Related Party Transaction [Line Items]
Payments to officers and directors	800	700
General and administrative expense (see note 8)	$ 1,000	$ 500

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (PARENTHETICAL) - $ / shares	Mar. 31, 2026	Dec. 31, 2025
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock authorized (in shares)	2,800,000,000	2,800,000,000
Common stock, shares issued (in shares)	284,262,436	284,137,810
Common stock, shares outstanding (in shares)	282,650,723	282,526,097
Common stock, unvested subject to repurchase (in shares)	23,446	23,446
Treasury stock, shares (in shares)	1,611,713

Summary of Significant Accounting Policies and Estimates (Tables)

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Schedule of Contract Liabilities

The following table shows the changes in the contract liabilities during the period:


	(amounts in thousands)
Balance at December 31, 2025	$	24,492
Increase in contract liabilities	2,989
Revenue recognized during the period that was included in deferred revenues at the beginning of the period	(1,997)
Revenue recognized from performance obligations satisfied within the same period	(515)
Balance at March 31, 2026	$	24,969

Schedules of Concentration of Risk, by Risk Factor

Revenue associated with each payer, including its affiliated entities, as a percentage of the Company’s total revenue for the respective period, and accounts receivable balance attributable to each payer, including its affiliated entities, as a percentage of the Company’s total accounts receivable balance at the respective condensed consolidated balance sheet date, are as follows:


	% Revenue for the three months ended March 31,		% Accounts receivable as of
Major Payer	2026	2025		March 31, 2026	December 31, 2025

Payer 1	40.2%	51.2%		25.0%	18.4%
Payer 2	17.4%	13.5%		33.6%	22.6%
Payer 3	12.8%	*		*	*

*Represents major payers below 10.0%.

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements were as follows:


	As of March 31, 2026
	Fair Value		Level 1		Level 2		Level 3

Financial assets	(amounts in thousands)
Short-term marketable securities	$	2,315	$	2,315	$	—	$	—


	As of December 31, 2025
	Fair Value		Level 1		Level 2		Level 3

Financial assets	(amounts in thousands)
Short-term marketable securities	$	2,295	$	2,295	$	—	$	—

Net Loss Per Share Attributable to Common shareholders (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic and Diluted

The following table sets forth the computation of the basic and diluted net loss per share attributable to common shareholders:


	Three Months Ended March 31,
(amounts in thousands, except share and per share data)	2026		2025

Net loss	$	(510)	$	(102,581)

Adjustments of redeemable convertible preferred stock to redemption value	—		(24,462)
Net loss attributable to common shareholders	$	(510)	$	(127,043)


Net loss per share attributable to common shareholders, basic and diluted	$	0.00	$	(3.57)






Weighted-average shares used in computing net loss per share attributable to common shareholders, basic and diluted	282,562,013		35,623,042

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following common stock equivalents were excluded from the calculation of diluted net loss per share attributable to common shareholders for the periods presented as they had an anti-dilutive effect:


	Three Months Ended March 31,
	2026	2025

Series A preferred stock	—	121,448,823
Series B preferred stock	—	7,407,408
Series C preferred stock	—	29,050,209
Series D preferred stock	—	25,629,071
Outstanding warrants	—	6,273,609
Unvested RSUs and PSUs	9,271,540	1,284,540
Outstanding stock options	21,660,302	24,113,482
Shares committed under ESPP	146,450	—
Unvested shares subject to repurchase	23,446	43,603
Total	31,101,738	215,250,745

Shareholders’ Equity and Equity Compensation - Schedule of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation recognized	$ 15,872	$ 14,691
Cost of Sales \| Cost of services - Molecular profiling services
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation recognized	1,323	466
Cost of Sales \| Cost of services - Pharma research and development services
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation recognized	13	1
Selling and marketing expense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation recognized	3,816	1,243
General and administrative expense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation recognized	7,436	10,636
Research and development expense
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation recognized	$ 3,284	$ 2,346

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Net Loss Per Share Attributable to Common shareholders - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share [Abstract]
Net loss	$ (510)	$ (102,581)
Adjustments of redeemable convertible preferred stock to redemption value	0	(24,462)
Net loss attributable to common shareholders basic	(510)	(127,043)
Net loss attributable to common shareholders diluted	$ (510)	$ (127,043)
Net loss per share attributable to common shareholders, basic (in dollars per share)	$ 0.00	$ (3.57)
Net loss per share attributable to common shareholders, diluted (in dollars per share)	$ 0.00	$ (3.57)
Weighted-average shares used in computing net loss per share attributable to common shareholders, basic (in shares)	282,562,013	35,623,042
Weighted-average shares used in computing net loss per share attributable to common shareholders, diluted (in shares)	282,562,013	35,623,042

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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- Definition

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+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.

+ References + Details

Segment and Geographic Information (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Revenue by Geographic Areas

The following table sets forth the Company’s revenue by geographic areas based on the customer’s location:


	Three Months Ended March 31,
	2026		2025

	(amounts in thousands)
United States	$	213,836	$	118,432
International	2,338		2,483
Total revenue	$	216,174	$	120,915

Condensed Consolidated Balance Sheet and Statement of Operations and Comprehensive Loss Components - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation and amortization	$ 5,065	$ 7,045

- Definition

The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.

+ References + Details

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash, cash equivalents, and restricted cash	$ 821,147	$ 797,799
Short-term marketable securities	2,315	2,295
Accounts receivable	90,517	112,140
Supplies	76,289	63,625
Prepaid expenses and other current assets	23,912	21,941
Total current assets	1,014,180	997,800
Property and equipment, net	82,669	63,170
Goodwill	19,344	19,344
Other assets	46,195	45,349
Total assets	1,162,388	1,125,663
Current liabilities:
Accounts payable	69,802	39,206
Accrued expenses and other current liabilities	73,921	87,770
Current portion of indebtedness	173	169
Total current liabilities	143,896	127,145
Long-term indebtedness, net of debt discounts	381,402	378,823
Other long-term liabilities	43,600	42,388
Total liabilities	568,898	548,356
Commitments and contingencies (see note 7)
Shareholders' equity:
Preferred stock	0	0
Common stock	284	283
Treasury stock	(16,896)	(16,896)
Additional paid-in capital	3,158,455	3,141,720
Accumulated deficit	(2,549,246)	(2,548,736)
Accumulated other comprehensive income	893	936
Total shareholders' equity	593,490	577,307
Total liabilities and shareholders' equity	$ 1,162,388	$ 1,125,663

Segment and Geographic Information - Narrative (Details) - segment	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Segment Reporting Information [Line Items]
Number of operating segments	1
Reportable segments not disclosed	segment
United States \| Assets, Total \| Geographic Concentration Risk
Segment Reporting Information [Line Items]
Concentration risk, percentage	99.00%	99.00%

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

Shareholders’ Equity and Equity Compensation - Schedule of Restricted Awards Activity (Details)	3 Months Ended
	Mar. 31, 2026 $ / shares shares
Restricted stock units and performance restricted stock units
Shares
Unvested beginning balance (in shares) \| shares	4,494,342
Vested (in shares) \| shares	0
Cancelled/forfeited (in shares) \| shares	(83,750)
Unvested ending balance (in shares) \| shares	9,271,540
Weighted Average Grant Date Fair Value
Unvested beginning balance (in dollars per share) \| $ / shares	$ 21.18
Vested (in dollars per share) \| $ / shares	0
Cancelled/forfeited (in dollars per share) \| $ / shares	21.05
Unvested ending balance (in dollars per share) \| $ / shares	$ 20.16
RSUs
Shares
Granted (in shares) \| shares	3,574,938
Weighted Average Grant Date Fair Value
Granted (in dollars per share) \| $ / shares	$ 19.22
PSUs
Shares
Granted (in shares) \| shares	1,286,010
Weighted Average Grant Date Fair Value
Granted (in dollars per share) \| $ / shares	$ 19.22

Long-Term Debt (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Long-Term Debt Instruments


	As of March 31, 2026		As of December 31, 2025

	(amounts in thousands)
Term loan Initial Draw - January 18, 2023	$	200,000	$	200,000
Exit fee on term loan - January 18, 2023	2,000		2,000
Term loan Subsequent Draw - March 5, 2024	200,000		200,000
Exit fee on term loan - March 5, 2024	2,000		2,000
Less: Amortized debt discounts and financing costs (1)	(22,926)		(25,550)
Net debt	$	381,074	$	378,450
Compound bifurcated derivative liability	$	—	$	—

(1) Includes debt discounts of $28.3 million associated with the initial carrying value of compound bifurcated derivative liability.

The components of interest expense associated with the Company’s long-term indebtedness, excluding finance leases, are as follows:


	Three Months Ended March 31,
	2026		2025

	(amounts in thousands)
Debt discount amortization	$	2,624	$	1,945
Interest expense	10,172		10,829
Interest expense on long-term indebtedness, excluding finance leases	$	12,796	$	12,774

Schedule of Maturities of Long-Term Debt

Maturities of the Company’s debt are expected to be as follows as of March 31, 2026:


	Amount
	(amounts in thousands)
Years Ending December 31,
Remainder of 2026	$	—
2027	—
2028	400,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Shareholders’ Equity and Equity Compensation - Schedule of Share-Based Payment Arrangement, Option, Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2026	Dec. 31, 2025
Number of Options
Beginning balance (in shares)	21,885,508
Granted (in shares)	0
Exercised (in shares)	(136,099)
Forfeited or expired (in shares)	(89,107)
Ending balance (in shares)	21,660,302	21,885,508
Total exercisable (in share)	16,748,086
Total vested or expected to vest (in shares)	21,091,459
Weighted Average Exercise Price Per Share
Beginning balance (in dollars per share)	$ 10.23
Granted (in dollars per share)	0
Exercised (in dollars per share)	11.82
Forfeited or expired (in dollars per share)	17.57
Ending balance (in dollars per share)	10.19	$ 10.23
Total exercisable (in dollars per share)	8.01
Total vested or expected to vest (in dollars per share)	$ 9.98
Weighted Average Remaining Contract Term
Total outstanding as of December 31, 2025:	4 years 8 months 23 days	4 years 11 months 26 days
Total outstanding as of March 31, 2026	4 years 8 months 23 days	4 years 11 months 26 days
Total exercisable as of March 31, 2026	3 years 10 months 2 days
Total vested or expected to vest as of March 31, 2026	4 years 7 months 20 days
Aggregate Intrinsic Value
Total outstanding as of December 31, 2025:	$ 366,605
Total outstanding as of March 31, 2026	170,885	$ 366,605
Total exercisable as of March 31, 2026	166,953
Total vested or expected to vest as of March 31, 2026	$ 170,562
Options exercised but not settled (in shares)	835

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2026
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company is subject to tax liabilities imposed by multiple jurisdictions. The Company determines our best estimate of the annual effective tax rate at each interim period using expected annual pre-tax earnings, statutory tax rates, and available tax planning opportunities. Certain significant or unusual items are separately recognized in the quarter in which they occur, which can cause variability in the effective tax rate from quarter to quarter. The Company recognizes interest and penalties related to uncertain tax positions, if any, as an income tax expense. The Company is subject to taxation in the United States and various states and foreign jurisdictions. Due to the net operating loss carryforwards, all years remain open for income tax examination by the taxing authorities. On July 4, 2025, H.R. 1, known as the One Big Beautiful Bill Act (the “OBBBA”), was signed into law. The OBBBA includes a broad range of tax reform provisions, including extending and modifying certain key provisions from the 2017 Tax Cuts & Jobs Act (both domestic and international). The Company is still evaluating the potential impacts of the OBBBA on the condensed consolidated financial statements.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Condensed Consolidated Balance Sheet and Statement of Operations and Comprehensive Loss Components - Schedule of Other Long-Term Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Long-term operating lease liabilities, net of current portion	$ 43,547	$ 42,335
Long-term portion of early exercise stock option liability	53	53
Total other long-term liabilities	$ 43,600	$ 42,388

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2026
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 1, 2026, the Company entered into a financing agreement (the “2026 Financing Agreement”) providing for senior secured credit facilities consisting of (i) a $400.0 million initial term loan (the “Initial Term Facility”), (ii) a committed delayed draw term loan facility of up to $300.0 million, available to be drawn in one or more tranches through August 2027 (the “Delayed Draw Facility”), which Delayed Draw Facility may be used solely for permitted acquisitions (as defined in the 2026 Financing Agreement) and (iii) an uncommitted incremental facility of up to $500.0 million. The Initial Term Facility matures in April 2031. Borrowings under the 2026 Financing Agreement bear interest, at the Company’s election, at either the Term SOFR plus 5.00% or the Base Rate plus 4.00% (where Term SOFR and Base Rate are each as defined in the 2026 Financing Agreement filed as an exhibit to this Form 10-Q). Proceeds from the 2026 Financing Agreement, together with the Company’s cash on hand, were used to repay the 2023 Term Loan in full. There were no other significant subsequent events identified through the date that the condensed consolidated financial statements were issued, that could impact the financial statements.

Condensed Consolidated Balance Sheet and Statement of Operations and Comprehensive Loss Components (Tables)

3 Months Ended

Mar. 31, 2026

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following:


	As of March 31, 2026		As of December 31, 2025

	(amounts in thousands)
Prepaid expenses	$	19,623	$	19,586
Other current assets	4,289		2,355
Total prepaid expenses and other current assets	$	23,912	$	21,941

Schedule of Property, Plant and Equipment

Property and equipment, net consist of the following:


	As of March 31, 2026		As of December 31, 2025

	(amounts in thousands)
Computer equipment and software	$	80,570	$	76,430
Capitalized software	29,483		27,898
Laboratory equipment	124,312		106,227
Furniture and fixtures	8,410		8,368
Leasehold improvements/Leased buildings	64,215		63,812
Aircraft and leased equipment	21,415		21,415
Total property and equipment	328,405		304,150
Less: accumulated depreciation and amortization	(245,736)		(240,980)
Property and equipment, net	$	82,669	$	63,170

Schedule of Accrued Liabilities

Accrued expenses and other current liabilities consist of the following:


	As of March 31, 2026		As of December 31, 2025

	(amounts in thousands)
Trade accruals	$	8,495	$	6,887
Accrued payroll and employee medical	15,394		11,104
Accrued bonus	8,556		31,487
Current portion of early exercise stock option liability	327		327
Contract liability	24,969		24,492
Current portion of operating lease liabilities	5,836		6,359

Other accrued expenses	10,344		7,114
Total accrued expenses and other current liabilities	$	73,921	$	87,770

Schedule of Other Long-Term Liabilities

Other long-term liabilities consist of the following:


	As of March 31, 2026		As of December 31, 2025

	(amounts in thousands)
Long-term operating lease liabilities, net of current portion	$	43,547	$	42,335
Long-term portion of early exercise stock option liability	53		53
Total other long-term liabilities	$	43,600	$	42,388

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 05, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-42706
Entity Registrant Name	CARIS LIFE SCIENCES, INC.
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	85-2077369
Entity Address, Address Line One	750 W. John Carpenter Freeway
Entity Address, Address Line Two	Suite 800
Entity Address, City or Town	Irving
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75039
City Area Code	866
Local Phone Number	771-8946
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	CAI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		282,680,695
Entity Central Index Key	0002019410
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2026
Amendment Flag	false

Summary of Significant Accounting Policies and Estimates - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($) channel	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)
Product Information [Line Items]
Number of revenue channels \| channel	2
Unbilled receivable	$ 3,700		$ 7,200
Contract liability	24,969		24,492
Contract with customer, liability, revenue recognized		$ 1,800
Adjustments to revenue related to services delivered in prior periods	10,300	$ 3,900
Secured Debt \| 2023 Term Loan \| Estimate of Fair Value Measurement \| Line of Credit
Product Information [Line Items]
Long-term debt, fair value	406,500		373,500
Secured Debt \| 2023 Term Loan \| Reported Value Measurement \| Line of Credit
Product Information [Line Items]
Long-term debt, fair value	381,100		$ 378,500
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01
Product Information [Line Items]
Revenue, remaining performance obligation, amount	$ 7,600
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 months

Long-Term Debt - Narrative (Details) - Secured Debt - Line of Credit - USD ($) $ in Millions			1 Months Ended	3 Months Ended
	Mar. 05, 2024	Jan. 18, 2023	Mar. 31, 2024	Mar. 31, 2026
2023 Term Loan
Debt Instrument [Line Items]
Debt instrument, face amount		$ 400.0
Proceeds from long-term lines of credit		$ 200.0	$ 200.0
Exit fee percentage				1.00%
Outstanding principal amount of percentage				6.50%
Debt instrument, basis spread on variable rate				2.50%
Debt instrument, interest rate, default, fixed margin increase per annum				3.00%
Debt instrument, interest rate, effective percentage				10.20%
Debt instrument, term				60 months
2024 Term Loan
Debt Instrument [Line Items]
Commitment fee percentage	0.50%
Term loan Initial Draw - January 18, 2023
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage				17.00%
Term loan Subsequent Draw - March 5, 2024
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage				12.00%

Long-Term Debt - Schedule of Maturities of Long-Term Debt (Details) $ in Thousands	Mar. 31, 2026 USD ($)
Maturities of Long-Term Debt [Abstract]
Remainder of 2026	$ 0
2027	0
2028	$ 400,000

Condensed Consolidated Balance Sheet and Statement of Operations and Comprehensive Loss Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Trade accruals	$ 8,495	$ 6,887
Accrued payroll and employee medical	15,394	11,104
Accrued bonus	8,556	31,487
Current portion of early exercise stock option liability	327	327
Contract liability	24,969	24,492
Current portion of operating lease liabilities	5,836	6,359
Other accrued expenses	10,344	7,114
Total accrued expenses and other current liabilities	$ 73,921	$ 87,770

Summary of Significant Accounting Policies and Estimates - Schedule of Fair Value Measurements on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Financial assets
Short-term marketable securities	$ 2,315	$ 2,295
Level 1
Financial assets
Short-term marketable securities	2,315	2,295
Level 2
Financial assets
Short-term marketable securities	0	0
Level 3
Financial assets
Short-term marketable securities	$ 0	$ 0

Condensed Consolidated Balance Sheet and Statement of Operations and Comprehensive Loss Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 328,405	$ 304,150
Less: accumulated depreciation and amortization	(245,736)	(240,980)
Property and equipment, net	82,669	63,170
Computer equipment and software
Property, Plant and Equipment [Line Items]
Total property and equipment	80,570	76,430
Capitalized software
Property, Plant and Equipment [Line Items]
Total property and equipment	29,483	27,898
Laboratory equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	124,312	106,227
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment	8,410	8,368
Leasehold improvements/Leased buildings
Property, Plant and Equipment [Line Items]
Total property and equipment	64,215	63,812
Aircraft and leased equipment
Property, Plant and Equipment [Line Items]
Total property and equipment	$ 21,415	$ 21,415

Shareholders’ Equity and Equity Compensation - Narrative (Details) $ / shares in Units, $ in Millions			3 Months Ended
	Jun. 20, 2025 shares	May 23, 2025 shares	Mar. 31, 2026 USD ($) vote $ / shares shares	Mar. 31, 2025 USD ($) shares	Dec. 31, 2025 $ / shares shares	Dec. 31, 2024 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Preferred stock authorized (in shares)			100,000,000		100,000,000
Preferred stock, par value (in dollars per share) \| $ / shares			$ 0.001		$ 0.001
Preferred stock, shares issued (in shares)			0		0
Preferred stock, outstanding (in shares)			0		0
Common stock authorized (in shares)			2,800,000,000		2,800,000,000
Common stock, par value (in dollars per share) \| $ / shares			$ 0.001		$ 0.001
Common stock, shares outstanding (in shares)			282,650,723		282,526,097
Vote per share of common stock (in votes) \| vote			1
Shares issued under ESPP (in shares)			0
Intrinsic value of options exercised \| $			$ 1.4	$ 1.8
Granted (in shares)			0
Shares committed under ESPP
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum percent of aggregate number of outstanding shares, on last day of immediately preceding fiscal year	1.00%
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares)	2,571,250		2,825,260
Share-based compensation arrangement, purchase price of common stock, percent (in percentage)	85.00%
Offering period			6 months
Outstanding stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			5 years
Expiration period			10 years
Exercise price of each option, threshold, percentage of fair value of common stock			100.00%
Unrecognized compensation cost, options \| $			$ 42.0
Unrecognized compensation cost, weighted-average period			2 years 6 months
Granted (in shares)			0
Expected dividend yield (in percent)			0.00%	0.00%
RSUs
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting period			4 years
PSUs \| Share-Based Payment Arrangement, Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percent			50.00%
PSUs \| Share-Based Payment Arrangement, Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percent			50.00%
Restricted stock units and performance restricted stock units
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized compensation cost, weighted-average period			3 years 1 month 28 days
Unrecognized stock-based compensation cost \| $			$ 162.6
2020 Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)			20,400,342
2025 Incentive Plan
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, capital shares reserved for future issuance (in shares)			9,030,051
Common stock, capital shares reserved for future issuance, initial amount authorized		15,125,002
Maximum percent of aggregate number of outstanding shares, on last day of immediately preceding fiscal year		4.00%
Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares outstanding (in shares)			282,650,723	35,237,531	282,526,097	35,842,319

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

CONDENSED CONSOLIDATED STATEMENTS OF REDEEMABLE CONVERTIBLE PREFERRED STOCK AND SHAREHOLDERS’ EQUITY (DEFICIT) (UNAUDITED) - USD ($) $ in Thousands	Total	Outstanding stock options	Common Stock	Common Stock Outstanding stock options	Treasury Stock	Additional Paid-In Capital	Additional Paid-In Capital Outstanding stock options	Related Party Promissory Note Receivable	Accumulated Deficit	Accumulated Other Comprehensive Income
Beginning balance (in shares) at Dec. 31, 2024	734,142,041
Beginning balance at Dec. 31, 2024	$ 2,221,651
Redeemable Convertible Preferred Stock
Adjustment of preferred stock to redemption value	$ 24,462
Ending balance (in shares) at Mar. 31, 2025	734,142,041
Ending balance at Mar. 31, 2025	$ 2,246,113
Beginning balance (in shares) at Dec. 31, 2024			35,842,319
Beginning balance at Dec. 31, 2024	(2,498,837)		$ 38		$ (330)	$ 0		$ (26,456)	$ (2,472,299)	$ 210
Treasury stock, beginning balance (in shares) at Dec. 31, 2024					182,500
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	14,691					14,691
Issuance of common stock upon exercise of stock options (in shares)			833,350
Issuance of common stock upon exercise of stock options	1,433					1,433
Interest income from related party promissory notes	(128)							(128)
Payoff of related party promissory notes	26,584							26,584
Repurchase of common stock (in shares)			(1,438,138)		(1,438,138)
Repurchases of common stock	(16,587)				$ (16,587)
Adjustment of redeemable convertible preferred Series C and Series D to redemption value	(24,462)					(16,110)			(8,352)
Other comprehensive income (loss)	21					(14)				35
Net loss	(102,581)								(102,581)
Ending balance (in shares) at Mar. 31, 2025			35,237,531
Ending balance at Mar. 31, 2025	$ (2,599,865)		$ 38		$ (16,917)	0		$ 0	(2,583,231)	245
Treasury stock, ending balance (in shares) at Mar. 31, 2025					1,620,638
Beginning balance (in shares) at Dec. 31, 2025	282,526,097		282,526,097
Beginning balance at Dec. 31, 2025	$ 577,307		$ 283		$ (16,896)	3,141,720			(2,548,736)	936
Treasury stock, beginning balance (in shares) at Dec. 31, 2025					1,611,713
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation (in shares)			19,216
Stock-based compensation	$ 15,872					15,872
Issuance of common stock upon exercise of stock options (in shares)	136,099		135,264
Issuance of common stock upon exercise of stock options	$ 921		$ 1			920
Shares withheld for taxes related to net exercise of options (in shares)				(29,854)
Shares withheld for taxes related to net exercise of options		$ (56)					$ (56)
Other comprehensive income (loss)	(44)					(1)				(43)
Net loss	$ (510)								(510)
Ending balance (in shares) at Mar. 31, 2026	282,650,723		282,650,723
Ending balance at Mar. 31, 2026	$ 593,490		$ 284		$ (16,896)	$ 3,158,455			$ (2,549,246)	$ 893
Treasury stock, ending balance (in shares) at Mar. 31, 2026	1,611,713				1,611,713

Summary of Significant Accounting Policies and Estimates (Policies)	3 Months Ended
	Mar. 31, 2026
Accounting Policies [Abstract]
Unaudited Interim Consolidated Financial Information	The condensed consolidated financial statements include the accounts of Caris and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Basis of Financial Statement Presentation	The Company’s condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASUs”) of the Financial Accounting Standards Board (“FASB”).
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP in the United States requires the use of estimates and assumptions about future events that affect the amounts reported in the Company's condensed consolidated financial statements and related notes, including the amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the periods reported. Significant estimates and assumptions are used for, but not limited to: •revenue recognition •fair value of stock-based awards •fair value of financial assets and liabilities Future events and their effects cannot be predicted with certainty. Accordingly, the accounting estimates require the exercise of judgment. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. The accounting estimates used in the preparation of the Company’s condensed consolidated financial statements may change as new events occur, additional information is obtained, and the operating environment changes. The Company will evaluate and update the assumptions and estimates on an ongoing basis and may employ outside experts to assist in its evaluation, as considered necessary. Actual results could materially differ from those estimates.
Revenue Recognition	Revenue Recognition The Company recognizes revenue under ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). Revenue is recognized when control of goods and services are transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services. ASC 606 provides for a five-step model that includes: Step 1: Identify the contract(s) with a customer. Step 2: Identify performance obligations in the contract. Step 3: Determine the transaction price. Step 4: Allocate the transaction price to the performance obligations in the contract. Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. The Company derives revenue from two distinct channels: •Molecular profiling services involving the provision of precision oncology solutions utilizing MI Profile and Caris Assure •Pharma research and development services involving delivery of laboratory, strategic data, and research services to biopharmaceutical customers Molecular Profiling Services For the majority of its molecular profiling services, the Company recognizes revenue from the sale of its precision oncology solutions, provided to customers, including certain hospitals, institutions and patients, at the point in time when the results of the profiling services are delivered to ordering physicians. Most cases requested on behalf of customers are provided without a written agreement; however, the Company determines that an implied contract exists with its customers for whom a physician orders the case. Results from molecular profiling services are delivered via fax, electronically, or in hard copy. Shipping and handling activities are considered fulfillment activities and as such, amounts incurred are recorded within Cost of Services - Molecular profiling services on the condensed consolidated statements of operations and comprehensive loss. The Company identifies each sale of the Company's profiling service as a distinct performance obligation. Payment terms are a function of a patient’s existing insurance benefits and applicable reimbursement contracts established between the Company and payers. Collection of consideration the Company expects to receive typically occurs within 90 to 120 days of billing. Occasionally, payers may recoup or we may refund consideration, mainly as a result of claim processing. The total consideration to which the Company expects to be entitled in exchange for the Company’s services may be fixed or variable. Consideration includes reimbursement from patients, hospitals, and third-party commercial and governmental payers, such as insurance companies, adjusted for variable consideration related to implicit price concessions that the Company may grant. The Company estimates the variable consideration under a portfolio approach for third-party payers, hospitals and patients with similar reimbursement characteristics. This includes analysis of an average reimbursement per case per portfolio and a percentage of cases reimbursed by considering the historical reimbursement data (including any refunds and recoupments) from such third-party payers, hospitals and patients. Specifically, the Company calculates the historical average reimbursement rates for each portfolio and applies an estimated reimbursement rate, based on historical trends, to the number of cases delivered each period. The period for which historical data is drawn upon is determined on a by-portfolio basis for each payer group, taking into consideration the average collection period. Additionally, the estimate also considers current contractual and statutory requirements, patient insurance eligibility and payer reimbursement contracts, and any known current or anticipated reimbursement trends not reflected in the historical data and only recognizes revenue for variable consideration that the Company determines is probable will not result in a significant reversal in the future. The Company monitors the estimated amount to be collected at each reporting period based on actual cash collections in order to assess whether a revision to the estimate is required. Subsequent changes to the estimate of the transaction price are recorded as adjustments to molecular profiling services revenue in the period where such changes occur. Both the estimate and any subsequent revision are uncertain and require the use of management’s judgment in the estimation of the variable consideration and application of the constraint for such variable consideration. Pharma Research and Development Services The Company collaborates with biopharmaceutical companies to provide commercial services and prospective and retrospective testing, along with data and bioinformatics collaborations and novel target identification and discovery solutions. Contracts with biopharmaceutical customers may include multiple distinct performance obligations, such as molecular profiling services, pharma research and development services, and strategic data services. The Company evaluates the terms and conditions included within its contracts with biopharmaceutical customers for proper revenue recognition, including whether services are capable of being distinct and considered distinct within the context of the contract. The performance obligations for biopharmaceutical customers vary by contract. Such contracts may include a performance obligation to provide molecular profiling services, to facilitate the development and regulatory approval of drugs, or to provide target discovery services. Under those contracts, the Company receives payments upon the achievement of milestones, as well as provision of on-going support. The transaction price of the development services contracts may include variable consideration, due to the uncertainty associated with the achievement of the milestones. In making the assessment of whether variable consideration should be included in the transaction price, the Company considers its historical experience with similar milestones, the degree of complexity and uncertainty associated with each milestone, and whether achievement of the milestone is dependent on parties other than the Company. The Company recognizes pharma research and development services revenue over the period in which biopharmaceutical research and development services are provided. Depending on the nature of the service, the Company recognizes revenue using either the output or input method to measure progress, whichever provides a more faithful depiction of the transfer of goods or services. Use of an output method or input method to depict the transfer of services generally does not result in a material difference with respect to the timing of revenue recognition because most services commence and end within the same reporting period. A constraint for variable consideration is applied such that it is probable a significant reversal of revenue will not occur when the uncertainty associated with the contingency is resolved. Application of the constraint for variable consideration is updated at each reporting period as a revision to the estimated transaction price. Standalone Selling Price The Company determines standalone selling prices by considering the historical selling prices of its performance obligations in similar transactions, where applicable, as well as other factors, including, but not limited to, the price that customers in the market would be willing to pay, competitive pricing from other vendors, industry publications, current pricing practices and management estimates. Contract Balances The timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable are recorded at the invoiced amount, net of an allowance for credit losses. A receivable is recognized in the period the Company delivers goods or provides services, or when the right to consideration is unconditional. In situations where revenue recognition occurs before invoicing, an unbilled receivable is created, which represents a contract asset. As of March 31, 2026 and December 31, 2025, the unbilled receivable balance was $3.7 million and $7.2 million, respectively, which is included in accounts receivable on the condensed consolidated balance sheets. The Company recognizes contract liabilities primarily related to payments received in advance of satisfaction of performance obligations from contracts with customers. Contract liabilities are relieved as the Company fulfills its obligations under the contract and revenue is recognized. Transaction Price Allocated to Remaining Performance Obligations The transaction price allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes contract liabilities and non-cancelable amounts that will be invoiced and recognized as revenue in future periods and excludes performance obligations that are subject to cancellation terms. The Company has elected not to disclose information regarding the transaction price allocated to the remaining performance obligations for which the original expected duration of the contract is one year or less. The amount of transaction price allocated to the remaining performance obligations for contracts with original expected duration over one year as of March 31, 2026 was $7.6 million. The Company expects to recognize substantially all of this amount within the next twelve months. Additionally, for the three months ended March 31, 2026 and 2025, the Company recorded $10.3 million and $3.9 million, respectively, of adjustments to revenue related to services delivered in prior periods, which is based on variability that was subsequently resolved. Collaboration Agreements The Company is party to various collaboration and licensing agreements under which the Company out-licenses certain know-how and molecular data. The collaboration arrangements are intended to solidify the Company’s third-party partnerships to align oncology capabilities and create industry-leading molecular oncology research platforms to accelerate drug development and novel research. Under these collaboration arrangements, the Company generally receives a split of fees from its collaborative partners that are earned pursuant to statements of work (“SOWs”) executed with end users of the Company’s licensed molecular data. The Company’s collaboration and licensing agreements are within the scope of ASC Topic 808, Collaborative Arrangements (“ASC 808”) and ASC 606 because the counterparty to these agreements meets the definition of a customer. As such, the Company recognizes revenue earned from the licenses of molecular data granted to the Company’s collaborative partners in accordance with ASC 606. Each license of molecular data granted by the Company to a collaborative partner represents a distinct performance obligation in the contract. The transaction price for a given arrangement is entirely variable and depends on the SOWs executed by the counterparty with end users. The amount of revenue allocated to each license is equal to the amount of revenue to which the Company expects to be entitled. The Company recognizes revenue at the point in time that it delivers the molecular data to the third-party collaborative partner.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of cash, cash equivalents, marketable securities, and accounts receivable. The Company maintains its cash primarily with domestic financial institutions of high credit quality, with balances that exceed amounts insured by the Federal Deposit Insurance Corporation as of March 31, 2026 and December 31, 2025, respectively. The Company invests in treasury bills issued by the U.S. Government. U.S. treasury bills with original maturities of three months or less are classified within cash equivalents. Short-term marketable securities are comprised of U.S. treasury bills with original maturities between three and twelve months. The Company believes it is not exposed to any significant credit risk on cash, cash equivalents, and marketable securities and performs periodic evaluations of the credit standing of such institutions. The goal of the Company’s investment policy is to ensure safety and preservation of the principal balance, and diversification of risk over cash balances held on deposit. The Company is subject to credit risk from its accounts receivable. The Company’s accounts receivable arise from the provision of molecular profiling services and pharma research and development services, primarily with biopharmaceutical companies, all of which have high credit ratings. The Company has not experienced any material losses related to receivables from individual customers, or groups of customers. The Company does not require collateral. Accounts receivable are recorded net of allowance for credit losses, if any. Concentrations of credit risk are limited due to the number of payers and their dispersion across multiple geographic regions.
Fair Value Measurements	Fair Value Measurements Fair value is defined as the exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions market participants would use in pricing an asset or liability. The basis for these assumptions establishes a three-level fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: •Level 1 - Observable inputs such as quoted prices in active markets for identical assets and liabilities; •Level 2 - Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and •Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Assets and liabilities measured at fair value are based on one or more of three valuation techniques. The three valuation techniques are as follows: •Market approach – Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities; •Cost approach – Amount that would be required to replace the service capacity of an asset (i.e., replacement cost); and •Income approach – Techniques to convert future amounts to a single present amount based on market expectations (including present value techniques, option-pricing models, and lattice models). Financial instruments consist of cash, cash equivalents, restricted cash, short-term marketable securities, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities, debt, warrants, and derivative instruments.
Net Loss per Share Attributable to Common Shareholders	Net Loss per Share Attributable to Common Shareholders The Company calculates its basic and diluted net loss per share attributable to common shareholders in conformity with the two-class method required for companies with participating securities. Each series of the Company’s redeemable convertible preferred stock is considered to be a participating security because the preferred shareholders have a right to receive dividends on a pari passu basis with the Company’s common shareholders. The two-class method determines net income (loss) per share for each class of common stock and participating security according to dividends declared or accumulated and participating rights in undistributed earnings. The two-class method requires income (loss) available to common shareholders for the period to be allocated between common and participating securities based upon the respective rights of each to share in earnings as if all income (loss) for the period had been distributed. The participating securities are not required to participate in the losses of the Company, and therefore during periods of loss there is no allocation required under the two-class method between common and participating securities. Because the Company has reported a net loss for the three months ended March 31, 2026 and 2025, basic net loss per share attributable to common shareholders is calculated by dividing net loss attributable to common shareholders by the weighted-average common stock outstanding during the period, without consideration for potential common stock equivalents. Net loss attributable to common shareholders is equal to net loss less accretion on preferred securities to their redemption value to the extent such securities are outstanding during the period, where applicable. Diluted net loss per share attributable to common shareholders is calculated by adjusting the weighted-average stock outstanding for the dilutive effect of potential common stock equivalents outstanding. For purposes of calculating the diluted net loss per share attributable to common shareholders, redeemable convertible preferred stock, promissory notes, warrants, restricted stock units, and stock options are considered to be potential common stock equivalents but are excluded from the calculation of diluted net loss per share attributable to common shareholders because their effect would be anti-dilutive. Therefore, basic and diluted net loss per share attributable to common shareholders was the same for all periods presented.
Recently Adopted Accounting Pronouncements /Recently Issued Accounting Pronouncements Not Yet Adopted	Recently Adopted Accounting Pronouncements In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures which requires presentation of specific categories of reconciling items, as well as reconciling items that meet a quantitative threshold, in the reconciliation between the income tax provision and the income tax provision using statutory tax rates. The standard also requires disclosure of income taxes paid disaggregated by jurisdiction with separate disclosure of income taxes paid to individual jurisdictions that meet a quantitative threshold. The ASU applies to all entities subject to income taxes and is intended to help investors better understand an entity's exposure to potential changes in jurisdictional tax legislation and assess income tax information that affects cash flow forecasts and capital allocation decisions. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted this ASU on January 1, 2025. The adoption had no material impact on the Company's financial statements. Recently Issued Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU No. 2024-03, Income Statement- Reporting Comprehensive Income-Expense disaggregation disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses. This ASU requires disclosure of specified information about certain costs and expenses in the notes to financial statements. This ASU is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Adoption of this ASU should be applied on a prospective basis. Early adoption is permitted. We are currently evaluating the impact that this guidance will have on the disclosures within our financial statements, and expect to adopt this ASU for the fiscal year beginning January 1, 2027. In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software. This ASU removes all references to prescriptive and sequential software development stages throughout Subtopic 350-40. This will require an entity to change how it starts capitalizing software costs, along with updating how entities evaluate the probable-to-complete recognition threshold. For all entities, the ASU is effective for annual reporting periods beginning after December 15, 2027, with early adoption permitted. The amendments of this ASU can be applied using any of the following three approaches: prospective transition approach; modified transition approach that is based on the status of the project and whether software costs were capitalized before the date of adoption; and retrospective transition approach. We are currently evaluating the impact that this guidance will have, and expect to adopt this ASU for the year ending December 31, 2028. In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270) Narrow-Scope Improvements. This ASU clarifies interim disclosure requirements and the applicability of Topic 270. The amendment's objective is to provide clarity on the current interim reporting requirements. The ASU also includes a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments of this ASU are required to be adopted for interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments of this ASU can be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements. We are currently evaluating the impact that this guidance will have.

- Definition

Disclosure of accounting policy for revenue from contract with customer.

+ References

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-Section 50
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- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Cash flows from operating activities
Net loss	$ (510)	$ (102,581)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	5,065	7,045
Stock-based compensation expense	15,872	14,691
Non-cash operating lease expense	1,323	1,452
Amortization of debt discounts	2,624	1,945
Changes in fair value of financial instruments	0	32,333
Other	214	456
Changes in operating assets and liabilities:
Accounts receivable	21,623	7,913
Supplies	(13,328)	2,061
Prepaid expenses and other current assets	(1,554)	2,470
Other assets	153	36
Accounts payable	16,371	(1,739)
Accrued expenses and other liabilities	(14,977)	2,580
Net cash provided by (used in) operating activities	32,876	(31,338)
Cash flows from investing activities
Purchases of property and equipment	(10,342)	(2,689)
Net cash used in investing activities	(10,342)	(2,689)
Cash flows from financing activities
Payments made on finance lease obligations	(40)	(22)
Proceeds from exercise of stock options	920	1,434
Payment of taxes withheld from net settlement of exercised options and vested RSUs	(56)	0
Payment of deferred offering costs	0	(105)
Repurchase of common stock	0	(22)
Net cash provided by financing activities	824	1,285
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(10)	4
Net increase (decrease) in cash, cash equivalents, and restricted cash	23,348	(32,738)
Cash, cash equivalents, and restricted cash at beginning of period	800,042	68,028
Cash, cash equivalents, and restricted cash at end of period	823,390	35,290
Reconciliation of cash, cash equivalents, and restricted cash
Cash and cash equivalents	819,901	31,201
Restricted cash	3,489	4,089
Total cash, cash equivalents, and restricted cash	$ 823,390	$ 35,290

Net Loss Per Share Attributable to Common Shareholders - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the calculation of diluted net loss per share attributable to common shareholders (in shares)	31,101,738	215,250,745
Series A Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the calculation of diluted net loss per share attributable to common shareholders (in shares)	0	121,448,823
Series B Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the calculation of diluted net loss per share attributable to common shareholders (in shares)	0	7,407,408
Series C Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the calculation of diluted net loss per share attributable to common shareholders (in shares)	0	29,050,209
Series D Preferred Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the calculation of diluted net loss per share attributable to common shareholders (in shares)	0	25,629,071
Outstanding warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the calculation of diluted net loss per share attributable to common shareholders (in shares)	0	6,273,609
Unvested RSUs and PSUs
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the calculation of diluted net loss per share attributable to common shareholders (in shares)	9,271,540	1,284,540
Outstanding stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the calculation of diluted net loss per share attributable to common shareholders (in shares)	21,660,302	24,113,482
Shares committed under ESPP
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the calculation of diluted net loss per share attributable to common shareholders (in shares)	146,450	0
Unvested shares subject to repurchase
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive shares excluded from the calculation of diluted net loss per share attributable to common shareholders (in shares)	23,446	43,603

Summary of Significant Accounting Policies and Estimates - Schedule of Concentration Risk by Payer (Details) - Customer Concentration Risk	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Payer 1 \| Revenue from Contract with Customer Benchmark
Product Information [Line Items]
Concentration risk, percentage	40.20%	51.20%
Payer 1 \| Accounts Receivable
Product Information [Line Items]
Concentration risk, percentage	25.00%		18.40%
Payer 2 \| Revenue from Contract with Customer Benchmark
Product Information [Line Items]
Concentration risk, percentage	17.40%	13.50%
Payer 2 \| Accounts Receivable
Product Information [Line Items]
Concentration risk, percentage	33.60%		22.60%
Payer 3 \| Revenue from Contract with Customer Benchmark
Product Information [Line Items]
Concentration risk, percentage	12.80%

- Definition

+ References + Details

Net Loss Per Share Attributable to Common shareholders

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common shareholders

Net Loss Per Share Attributable to Common Shareholders

The following table sets forth the computation of the basic and diluted net loss per share attributable to common shareholders:


	Three Months Ended March 31,
(amounts in thousands, except share and per share data)	2026		2025

Net loss	$	(510)	$	(102,581)

Adjustments of redeemable convertible preferred stock to redemption value	—		(24,462)
Net loss attributable to common shareholders	$	(510)	$	(127,043)


Net loss per share attributable to common shareholders, basic and diluted	$	0.00	$	(3.57)






Weighted-average shares used in computing net loss per share attributable to common shareholders, basic and diluted	282,562,013		35,623,042


	Three Months Ended March 31,
	2026	2025

Series A preferred stock	—	121,448,823
Series B preferred stock	—	7,407,408
Series C preferred stock	—	29,050,209
Series D preferred stock	—	25,629,071
Outstanding warrants	—	6,273,609
Unvested RSUs and PSUs	9,271,540	1,284,540
Outstanding stock options	21,660,302	24,113,482
Shares committed under ESPP	146,450	—
Unvested shares subject to repurchase	23,446	43,603
Total	31,101,738	215,250,745

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Revenue:
Total revenue	$ 216,174	$ 120,915
Costs and operating expenses:
Selling and marketing expense	45,043	39,829
General and administrative expense (see note 8)	59,708	52,119
Research and development expense	31,315	23,066
Total costs and operating expenses	210,892	178,867
Income (Loss) from operations	5,282	(57,952)
Other expense, net:
Interest income	6,834	503
Interest expense	(12,809)	(12,782)
Changes in fair value of financial instruments	0	(32,333)
Other income (expense), net	49	(17)
Total other expense, net	(5,926)	(44,629)
Loss before income taxes and income tax benefit	(644)	(102,581)
Income tax benefit	134	0
Net loss	(510)	(102,581)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments	(43)	35
Comprehensive loss	(553)	(102,546)
Net loss	(510)	(102,581)
Adjustments of redeemable convertible preferred stock to redemption value	0	(24,462)
Net loss attributable to common shareholders basic	(510)	(127,043)
Net loss attributable to common shareholders diluted	$ (510)	$ (127,043)
Net loss per share attributable to common shareholders:
Net loss per share attributable to common shareholders, basic (in dollars per share)	$ 0.00	$ (3.57)
Net loss per share attributable to common shareholders, diluted (in dollars per share)	$ 0.00	$ (3.57)
Weighted-average shares used in computing net loss per share attributable to common shareholders:
Weighted-average shares used in computing net loss per share attributable to common shareholders, basic (in shares)	282,562,013	35,623,042
Weighted-average shares used in computing net loss per share attributable to common shareholders, diluted (in shares)	282,562,013	35,623,042
Molecular profiling services
Revenue:
Total revenue	$ 210,800	$ 114,081
Costs and operating expenses:
Cost of services	72,884	60,894
Pharma research and development services
Revenue:
Total revenue	5,374	6,834
Costs and operating expenses:
Cost of services	$ 1,942	$ 2,958

Condensed Consolidated Balance Sheet and Statement of Operations and Comprehensive Loss Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Prepaid expenses	$ 19,623	$ 19,586
Other current assets	4,289	2,355
Total prepaid expenses and other current assets	$ 23,912	$ 21,941

Long-Term Debt - Schedule of Carrying Value of Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Less: Amortized debt discounts and financing costs	$ (22,926)	$ (25,550)
Net debt	381,074	378,450
Compound bifurcated derivative liability	0	0
Debt discount	28,300	28,300
Secured Debt \| Term loan Initial Draw - January 18, 2023 \| Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	200,000	200,000
Secured Debt \| Exit fee on term loan - January 18, 2023 \| Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	2,000	2,000
Secured Debt \| Term loan Subsequent Draw - March 5, 2024 \| Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	200,000	200,000
Secured Debt \| Exit fee on term loan - March 5, 2024 \| Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	$ 2,000	$ 2,000

Segment and Geographic Information - Schedule of Revenue by Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Total revenue	$ 216,174	$ 120,915
United States
Segment Reporting Information [Line Items]
Total revenue	213,836	118,432
International
Segment Reporting Information [Line Items]
Total revenue	$ 2,338	$ 2,483

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147476153/220-40-55-4

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 220
-SubTopic 40
-Name Accounting Standards Codification
-Section 55
-Paragraph 14
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-URI https://asc.fasb.org/1943274/2147476153/220-40-55-14

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-41

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
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-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
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Reference 9: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
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-Name Accounting Standards Codification
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479941/924-10-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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-Paragraph 5
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-URI https://asc.fasb.org/1943274/2147479806/606-10-50-5

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
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-Name Accounting Standards Codification
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-Paragraph 30
-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-40

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-4

+ Details

Subsequent Events (Details) - Subsequent Event - Line of Credit $ in Millions	Apr. 01, 2026 USD ($)
2026 Financing Agreement \| Secured Overnight Financing Rate (SOFR)
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	5.00%
2026 Financing Agreement \| Base Rate
Subsequent Event [Line Items]
Debt instrument, basis spread on variable rate	4.00%
Secured Debt \| 2026 Financing Agreement
Subsequent Event [Line Items]
Uncommitted incremental facility	$ 500.0
Secured Debt \| Initial Term Facility
Subsequent Event [Line Items]
Debt instrument, face amount	400.0
Delayed Draw Term Loan (DDTL) \| Delayed Term Loan Facility
Subsequent Event [Line Items]
Line of credit facility, maximum borrowing capacity	$ 300.0

Summary of Significant Accounting Policies and Estimates - Schedule of Contract Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2026 USD ($)
Movement In Contract With Customer Liability [Roll Forward]
Beginning balance	$ 24,492
Increase in contract liabilities	2,989
Revenue recognized during the period that was included in deferred revenues at the beginning of the period	(1,997)
Revenue recognized from performance obligations satisfied within the same period	(515)
Ending balance	$ 24,969

Summary of Significant Accounting Policies and Estimates

3 Months Ended

Mar. 31, 2026

Accounting Policies [Abstract]

Summary of Significant Accounting Policies and Estimates

Basis of Financial Statement Presentation

The condensed consolidated financial statements include the accounts of Caris and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

The Company’s condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASUs”) of the Financial Accounting Standards Board (“FASB”).

Unaudited Interim Consolidated Financial Information

The unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair statement of the Company’s financial position as of March 31, 2026, its results of operations for the three months ended March 31, 2026 and 2025, and cash flows for the three months ended March 31, 2026 and 2025. The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026, or for any other future annual or interim period. The condensed consolidated balance sheet as of December 31, 2025 included herein was derived from the audited financial statements as of that date and should be read in conjunction with the audited annual consolidated financial statements. Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted from these unaudited condensed consolidated financial statements.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with GAAP in the United States requires the use of estimates and assumptions about future events that affect the amounts reported in the Company's condensed consolidated financial statements and related notes, including the amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenues and expenses during the periods reported.

Significant estimates and assumptions are used for, but not limited to:

•revenue recognition

•fair value of stock-based awards

•fair value of financial assets and liabilities

Future events and their effects cannot be predicted with certainty. Accordingly, the accounting estimates require the exercise of judgment. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. The accounting estimates used in the preparation of the Company’s condensed consolidated financial statements may change as new events occur, additional information is obtained, and the operating environment changes. The Company will evaluate and update the assumptions and estimates on an ongoing basis and may employ outside experts to assist in its evaluation, as considered necessary. Actual results could materially differ from those estimates.

Revenue Recognition

The Company recognizes revenue under ASC Topic 606, Revenue from Contracts with Customers (“ASC 606”). Revenue is recognized when control of goods and services are transferred to customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services.

ASC 606 provides for a five-step model that includes:

Step 1: Identify the contract(s) with a customer.

Step 2: Identify performance obligations in the contract.

Step 3: Determine the transaction price.

Step 4: Allocate the transaction price to the performance obligations in the contract.

Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.

The Company derives revenue from two distinct channels:

•Molecular profiling services involving the provision of precision oncology solutions utilizing MI Profile and Caris Assure

•Pharma research and development services involving delivery of laboratory, strategic data, and research services to biopharmaceutical customers

Molecular Profiling Services

For the majority of its molecular profiling services, the Company recognizes revenue from the sale of its precision oncology solutions, provided to customers, including certain hospitals, institutions and patients, at the point in time when the results of the profiling services are delivered to ordering physicians. Most cases requested on behalf of customers are provided without a written agreement; however, the Company determines that an implied contract exists with its customers for whom a physician orders the case. Results from molecular profiling services are delivered via fax, electronically, or in hard copy. Shipping and handling activities are considered fulfillment activities and as such, amounts incurred are recorded within Cost of Services - Molecular profiling services on the condensed consolidated statements of operations and comprehensive loss. The Company identifies each sale of the Company's profiling service as a distinct performance obligation. Payment terms are a function of a patient’s existing insurance benefits and applicable reimbursement contracts established between the Company and payers. Collection of consideration the Company expects to receive typically occurs within 90 to 120 days of billing. Occasionally, payers may recoup or we may refund consideration, mainly as a result of claim processing.

The total consideration to which the Company expects to be entitled in exchange for the Company’s services may be fixed or variable. Consideration includes reimbursement from patients, hospitals, and third-party commercial and governmental payers, such as insurance companies, adjusted for variable consideration related to implicit price concessions that the Company may grant. The Company estimates the variable consideration under a portfolio approach for third-party payers, hospitals and patients with similar reimbursement characteristics. This includes analysis of an average reimbursement per case per portfolio and a percentage of cases reimbursed by considering the historical reimbursement data (including any refunds and recoupments) from such third-party payers, hospitals and patients. Specifically, the Company calculates the historical average reimbursement rates for each portfolio and applies an estimated reimbursement rate, based on historical trends, to the number of cases delivered each period. The period for which historical data is drawn upon is determined on a by-portfolio basis for each payer group, taking into consideration the average collection period. Additionally, the estimate also considers current contractual and statutory requirements, patient insurance eligibility and payer reimbursement contracts, and any known current or anticipated reimbursement trends not reflected in the historical data and only recognizes revenue for variable consideration that the Company determines is probable will not result in a significant reversal in the future. The Company monitors the estimated amount to be collected at each reporting period based on actual cash collections in order to assess whether a revision to the

estimate is required. Subsequent changes to the estimate of the transaction price are recorded as adjustments to molecular profiling services revenue in the period where such changes occur. Both the estimate and any subsequent revision are uncertain and require the use of management’s judgment in the estimation of the variable consideration and application of the constraint for such variable consideration.

Pharma Research and Development Services

The Company collaborates with biopharmaceutical companies to provide commercial services and prospective and retrospective testing, along with data and bioinformatics collaborations and novel target identification and discovery solutions.

Contracts with biopharmaceutical customers may include multiple distinct performance obligations, such as molecular profiling services, pharma research and development services, and strategic data services. The Company evaluates the terms and conditions included within its contracts with biopharmaceutical customers for proper revenue recognition, including whether services are capable of being distinct and considered distinct within the context of the contract. The performance obligations for biopharmaceutical customers vary by contract. Such contracts may include a performance obligation to provide molecular profiling services, to facilitate the development and regulatory approval of drugs, or to provide target discovery services. Under those contracts, the Company receives payments upon the achievement of milestones, as well as provision of on-going support. The transaction price of the development services contracts may include variable consideration, due to the uncertainty associated with the achievement of the milestones. In making the assessment of whether variable consideration should be included in the transaction price, the Company considers its historical experience with similar milestones, the degree of complexity and uncertainty associated with each milestone, and whether achievement of the milestone is dependent on parties other than the Company. The Company recognizes pharma research and development services revenue over the period in which biopharmaceutical research and development services are provided. Depending on the nature of the service, the Company recognizes revenue using either the output or input method to measure progress, whichever provides a more faithful depiction of the transfer of goods or services. Use of an output method or input method to depict the transfer of services generally does not result in a material difference with respect to the timing of revenue recognition because most services commence and end within the same reporting period. A constraint for variable consideration is applied such that it is probable a significant reversal of revenue will not occur when the uncertainty associated with the contingency is resolved. Application of the constraint for variable consideration is updated at each reporting period as a revision to the estimated transaction price.

Standalone Selling Price

The Company determines standalone selling prices by considering the historical selling prices of its performance obligations in similar transactions, where applicable, as well as other factors, including, but not limited to, the price that customers in the market would be willing to pay, competitive pricing from other vendors, industry publications, current pricing practices and management estimates.

Contract Balances

The timing of revenue recognition may differ from the timing of invoicing to customers. Accounts receivable are recorded at the invoiced amount, net of an allowance for credit losses. A receivable is recognized in the period the Company delivers goods or provides services, or when the right to consideration is unconditional. In situations where revenue recognition occurs before invoicing, an unbilled receivable is created, which represents a contract asset. As of March 31, 2026 and December 31, 2025, the unbilled receivable balance was $3.7 million and $7.2 million, respectively, which is included in accounts receivable on the condensed consolidated balance sheets.

The Company recognizes contract liabilities primarily related to payments received in advance of satisfaction of performance obligations from contracts with customers. Contract liabilities are relieved as the Company fulfills its obligations under the contract and revenue is recognized. As of March 31, 2026 and December 31, 2025, the contract liability balance was $25.0 million and $24.5 million, respectively, which is included in accrued expenses and other current liabilities on the condensed consolidated balance sheets.

The following table shows the changes in the contract liabilities during the period:


	(amounts in thousands)
Balance at December 31, 2025	$	24,492
Increase in contract liabilities	2,989
Revenue recognized during the period that was included in deferred revenues at the beginning of the period	(1,997)
Revenue recognized from performance obligations satisfied within the same period	(515)
Balance at March 31, 2026	$	24,969

The amount of revenue recognized during the three months ended March 31, 2025 pertaining to amounts deferred as of December 31, 2024 was $1.8 million.

Transaction Price Allocated to Remaining Performance Obligations

The transaction price allocated to remaining performance obligations represents contracted revenue that has not yet been recognized, which includes contract liabilities and non-cancelable amounts that will be invoiced and recognized as revenue in future periods and excludes performance obligations that are subject to cancellation terms. The Company has elected not to disclose information regarding the transaction price allocated to the remaining performance obligations for which the original expected duration of the contract is one year or less. The amount of transaction price allocated to the remaining performance obligations for contracts with original expected duration over one year as of March 31, 2026 was $7.6 million. The Company expects to recognize substantially all of this amount within the next twelve months.

Additionally, for the three months ended March 31, 2026 and 2025, the Company recorded $10.3 million and $3.9 million, respectively, of adjustments to revenue related to services delivered in prior periods, which is based on variability that was subsequently resolved.

Collaboration Agreements

The Company is party to various collaboration and licensing agreements under which the Company out-licenses certain know-how and molecular data. The collaboration arrangements are intended to solidify the Company’s third-party partnerships to align oncology capabilities and create industry-leading molecular oncology research platforms to accelerate drug development and novel research. Under these collaboration arrangements, the Company generally receives a split of fees from its collaborative partners that are earned pursuant to statements of work (“SOWs”) executed with end users of the Company’s licensed molecular data.

The Company’s collaboration and licensing agreements are within the scope of ASC Topic 808, Collaborative Arrangements (“ASC 808”) and ASC 606 because the counterparty to these agreements meets the definition of a customer. As such, the Company recognizes revenue earned from the licenses of molecular data granted to the Company’s collaborative partners in accordance with ASC 606. Each license of molecular data granted by the Company to a collaborative partner represents a distinct performance obligation in the contract. The transaction price for a given arrangement is entirely variable and depends on the SOWs executed by the counterparty with end users. The amount of revenue allocated to each license is equal to the amount of revenue to which the Company expects to be entitled. The Company recognizes revenue at the point in time that it delivers the molecular data to the third-party collaborative partner.

Concentration of Credit Risk

Financial instruments that potentially expose the Company to concentration of credit risk consist primarily of cash, cash equivalents, marketable securities, and accounts receivable. The Company maintains its cash primarily with domestic financial institutions of high credit quality, with balances that exceed amounts insured by the Federal Deposit Insurance Corporation as of March 31, 2026 and December 31, 2025, respectively.

The Company invests in treasury bills issued by the U.S. Government. U.S. treasury bills with original maturities of three months or less are classified within cash equivalents. Short-term marketable securities are comprised of U.S. treasury bills with original maturities between three and twelve months. The Company believes it is not exposed to any

significant credit risk on cash, cash equivalents, and marketable securities and performs periodic evaluations of the credit standing of such institutions. The goal of the Company’s investment policy is to ensure safety and preservation of the principal balance, and diversification of risk over cash balances held on deposit.

The Company is subject to credit risk from its accounts receivable. The Company’s accounts receivable arise from the provision of molecular profiling services and pharma research and development services, primarily with biopharmaceutical companies, all of which have high credit ratings. The Company has not experienced any material losses related to receivables from individual customers, or groups of customers. The Company does not require collateral. Accounts receivable are recorded net of allowance for credit losses, if any. Concentrations of credit risk are limited due to the number of payers and their dispersion across multiple geographic regions.

For the three months ended March 31, 2026 and 2025, the Company's revenues were primarily derived from the sale of Caris molecular profiling services. As discussed above, payment terms of the services are a function of a patient’s existing insurance benefits and applicable reimbursement contracts established between the Company and payers. Revenue associated with each payer, including its affiliated entities, as a percentage of the Company’s total revenue for the respective period, and accounts receivable balance attributable to each payer, including its affiliated entities, as a percentage of the Company’s total accounts receivable balance at the respective condensed consolidated balance sheet date, are as follows:


	% Revenue for the three months ended March 31,		% Accounts receivable as of
Major Payer	2026	2025		March 31, 2026	December 31, 2025

Payer 1	40.2%	51.2%		25.0%	18.4%
Payer 2	17.4%	13.5%		33.6%	22.6%
Payer 3	12.8%	*		*	*

*Represents major payers below 10.0%.

Fair Value Measurements

Fair value is defined as the exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions market participants would use in pricing an asset or liability.

The basis for these assumptions establishes a three-level fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

•Level 1 - Observable inputs such as quoted prices in active markets for identical assets and liabilities;

•Level 2 - Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

•Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

Assets and liabilities measured at fair value are based on one or more of three valuation techniques. The three valuation techniques are as follows:

•Market approach – Prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities;

•Cost approach – Amount that would be required to replace the service capacity of an asset (i.e., replacement cost); and

•Income approach – Techniques to convert future amounts to a single present amount based on market expectations (including present value techniques, option-pricing models, and lattice models).

Financial instruments consist of cash, cash equivalents, restricted cash, short-term marketable securities, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued expenses and other current liabilities, debt, warrants, and derivative instruments.

As of March 31, 2026 and December 31, 2025, the carrying amounts of the Company’s cash equivalents, restricted cash, accounts receivable, prepaid expenses and other current assets, accounts payable, accrued expenses and

other current liabilities approximate their fair value based on the short-term nature of these items. There were no transfers between Levels 1, 2 or 3 for the periods ended March 31, 2026 and December 31, 2025.

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements were as follows:


	As of March 31, 2026
	Fair Value		Level 1		Level 2		Level 3

Financial assets	(amounts in thousands)
Short-term marketable securities	$	2,315	$	2,315	$	—	$	—


	As of December 31, 2025
	Fair Value		Level 1		Level 2		Level 3

Financial assets	(amounts in thousands)
Short-term marketable securities	$	2,295	$	2,295	$	—	$	—

Debt - 2023 Term Loan

As of March 31, 2026, the estimated fair value of the 2023 Term Loan (as defined in Note 6) was $406.5 million, compared to a carrying value of $381.1 million. As of December 31, 2025, the estimated fair value of the 2023 Term Loan was $373.5 million, compared to a carrying value of $378.5 million. Due to the Company’s repayment of the 2023 Term Loan on April 1, 2026 (as discussed in Note 11), the Company determined that the fair value of the 2023 Term Loan as of March 31, 2026 was equal to the amount repaid.

Net Loss per Share Attributable to Common Shareholders

The Company calculates its basic and diluted net loss per share attributable to common shareholders in conformity with the two-class method required for companies with participating securities. Each series of the Company’s redeemable convertible preferred stock is considered to be a participating security because the preferred shareholders have a right to receive dividends on a pari passu basis with the Company’s common shareholders. The two-class method determines net income (loss) per share for each class of common stock and participating security according to dividends declared or accumulated and participating rights in undistributed earnings. The two-class method requires income (loss) available to common shareholders for the period to be allocated between common and participating securities based upon the respective rights of each to share in earnings as if all income (loss) for the period had been distributed. The participating securities are not required to participate in the losses of the Company, and therefore during periods of loss there is no allocation required under the two-class method between common and participating securities.

Because the Company has reported a net loss for the three months ended March 31, 2026 and 2025, basic net loss per share attributable to common shareholders is calculated by dividing net loss attributable to common shareholders by the weighted-average common stock outstanding during the period, without consideration for potential common stock equivalents. Net loss attributable to common shareholders is equal to net loss less accretion on preferred securities to their redemption value to the extent such securities are outstanding during the period, where applicable. Diluted net loss per share attributable to common shareholders is calculated by adjusting the weighted-average stock outstanding for the dilutive effect of potential common stock equivalents outstanding. For purposes of calculating the diluted net loss per share attributable to common shareholders, redeemable convertible preferred stock, promissory notes, warrants, restricted stock units, and stock options are considered to be potential common stock equivalents but are excluded from the calculation of diluted net loss per share attributable to common shareholders because their effect would be anti-dilutive. Therefore, basic and diluted net loss per share attributable to common shareholders was the same for all periods presented.

Recently Adopted Accounting Pronouncements

In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures which requires presentation of specific categories of reconciling items, as well as reconciling items that meet a quantitative threshold, in the reconciliation between the income tax provision and the income tax provision using statutory tax rates. The standard also requires disclosure of income taxes paid disaggregated by jurisdiction with separate disclosure of income taxes paid to individual jurisdictions that meet a quantitative threshold. The ASU applies to all

entities subject to income taxes and is intended to help investors better understand an entity's exposure to potential changes in jurisdictional tax legislation and assess income tax information that affects cash flow forecasts and capital allocation decisions. The ASU is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted this ASU on January 1, 2025. The adoption had no material impact on the Company's financial statements.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2024, the FASB issued ASU No. 2024-03, Income Statement- Reporting Comprehensive Income-Expense disaggregation disclosures (Subtopic 220-40) Disaggregation of Income Statement Expenses. This ASU requires disclosure of specified information about certain costs and expenses in the notes to financial statements. This ASU is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Adoption of this ASU should be applied on a prospective basis. Early adoption is permitted. We are currently evaluating the impact that this guidance will have on the disclosures within our financial statements, and expect to adopt this ASU for the fiscal year beginning January 1, 2027.

In September 2025, the FASB issued ASU No. 2025-06, Intangibles - Goodwill and Other - Internal-Use Software. This ASU removes all references to prescriptive and sequential software development stages throughout Subtopic 350-40. This will require an entity to change how it starts capitalizing software costs, along with updating how entities evaluate the probable-to-complete recognition threshold. For all entities, the ASU is effective for annual reporting periods beginning after December 15, 2027, with early adoption permitted. The amendments of this ASU can be applied using any of the following three approaches: prospective transition approach; modified transition approach that is based on the status of the project and whether software costs were capitalized before the date of adoption; and retrospective transition approach. We are currently evaluating the impact that this guidance will have, and expect to adopt this ASU for the year ending December 31, 2028.

In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270) Narrow-Scope Improvements. This ASU clarifies interim disclosure requirements and the applicability of Topic 270. The amendment's objective is to provide clarity on the current interim reporting requirements. The ASU also includes a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments of this ASU are required to be adopted for interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted. The amendments of this ASU can be applied either prospectively or retrospectively to any or all prior periods presented in the financial statements. We are currently evaluating the impact that this guidance will have.

Nature of the Business	3 Months Ended
Nature of the Business	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business	Nature of the Business Caris Life Sciences, Inc. (the “Company” or “Caris”) is a patient-centric, next-generation artificial intelligence (“AI”) TechBio company and precision medicine pioneer. The Company commercializes and develops innovative solutions to transform healthcare through the use of comprehensive molecular information, AI, and machine learning (“ML”) algorithms. The Company’s current molecular profiling services portfolio is focused on oncology and consists of the MI Profile platform, a tissue-based molecular profiling solution, and Caris Assure, a novel blood-based molecular profiling solution. The Company also collaborates with biopharmaceutical companies to provide commercial services and prospective and retrospective testing, along with data and bioinformatics collaborations and novel target identification and discovery solutions. The Company is a Texas corporation (Caris Life Sciences, Inc.) and is headquartered in Irving, Texas. The Company also has locations in Phoenix, Arizona; New York, New York; Cambridge, Massachusetts; Basel, Switzerland; and Tokyo, Japan.